Bitcoin Rebounds Above $78K as PONS and ARB Extend Robinhood Chain-Fueled Rallies

Bitcoin's price rebounded towards $78,000 as a weaker US dollar supported risk assets across various markets. The cryptocurrency remained up 0.76% since midnight UTC, despite being down 2.89% over the past week.

The recovery in Bitcoin's price came as the dollar index (DXY) fell 0.32% to 99.259, with gold and silver also moving higher. This suggests improving risk appetite across markets, with Nasdaq 100 futures rising 0.2% and S&P 500 futures adding 0.15%.

However, Bitcoin's recovery is not without its challenges. US spot Bitcoin ETFs recorded $9.3 million in net outflows, marking a second consecutive day of withdrawals. This indicates that institutional demand has not fully recovered despite Bitcoin's attempt to reclaim the $78,000 area.

In contrast, PONS and Arbitrum (ARB) continued their rally fueled by Robinhood Chain activity. PONS surged 300% in just 24 hours, with its weekly gain reaching an impressive 318.72%. ARB also extended its rally for a third consecutive session, gaining 25.7% over the past day.